Asset Recommendation & Review
After the Marketing Team notifies the ORE Closing Team that an approved offer has been made, Agent(1) provides the listing broker with a contract package.
Contract Package (store internally)
USMS Addendum (If a Regular Sale)
Offer to purchase Auctioned Real Estate (if Auctioned Property)
State Contract and State Addendums (if a Regular Sale)
Forfeited Property Sales Certification
Earnest Money Acknowledgement
Asset Purchaser Disclosure Survey
Operating Agreement showing signatory authority (If buyer is an LLC)
Partnership Agreement showing signatory authority (If buyer is a Partnership)
Corporate Documents showing signatory authority (If buyer a Corporate Entity)
Earnest Money receipt from Title Company
Buyers Proof of Funds to Close (less than 30 days old)
Marketing Report from Listing Broker
USMS Contract Checklist (from Agent 1)
Disposition Fee???
The broker is required to complete and return the information as prescribed by Agent (1). Upon its return, the package is reviewed for accuracy, and Agent (1) provides that information to Agent (2) who reviews the contract package for completeness. If errors exist, Agent (2) works with the Agent (1) and/or the broker to correct. Once corrected, the package is resubmitted and reviewed again.
If okay, Agent (2) runs a “Sanction List Search” through OFAC, which is the Ofice of Foreign Assets Control, to ensure that the buyer is not prohibited from purchasing Real Estate.
Note: Agent (2) lifts the name and address for the Forfeited Property Sales Certification form
If okay at this point, Agent (2) prepares a “Sales Recommendation” either for a regular sale or an auction. Included in the Sales Recommendations is the following documents:
USMS Addendum (If a Regular Sale)
Offer to purchase Auctioned Real Estate (if Auctioned Property)
State Contrcat and State Addendums (if a Regular Sale)
Forfeited Property Sales Certification
Asset Purchaser Disclosure Survey
Earnest Money Acknowledgement
Operating Agreement showing signatory authority (If buyeris an LLC)
Partnership Agreement showing signatory authority (If buyer is a Partnership)
Corporate Documents showing signatory authority (If buyer a Corporate Entity)
The package is emailed to the COR, the COR’s assistant, and the RP mailbox.
It is expected that the COR signs and dates the Sale Recommentation, the addendum, and the State contract.
Note: If the sales price is below 80% of appraised value, the COR may seek approval from a supervisory level.
When all is approved, the COR returns the signed contract and recommendation to Agent(2). It is reviewed for completeness (including initials where necessary).
Agent(2) then prepares the closing instructions for the title company.
The following documents are the uploaded to TRACK in the following manner:
Asset Sale Approval
Fully Executed Contract PDF
Ernest Money Receipt
Disposition Fee Invoice
Closing Instructions
Sanction List Search Report
Marketing Report
other Entity Documents
An email with a fully executed contract is sent to the listing broker and Co-broker (if applicable), Asset Manager, Agent (1), and Property Management group contact.
An email with a fully executed contract, closing instructions, earnest money receipt, disposition fee invoice, seizure document (e.g. FOF), and supporting documents (i.e. stipulation agreements), and all tax notices are sent to the Title Company with a MK/Dorian. The email should have a closing date and a request to confirm receipt of the email.
An email (closing file email) is sent to Agent (1) with everything that was sent to the title company plus the Asset Sales Approval.